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I
'27 .
EVENING PUBCtO rEDGEIt-PHrUADELPHIA, FLPAY, MRIE 22, 1921
i
$30,000,000
The Goqdy ear Tire & Rubber Oompany
First Mortgage 20-Year 8 Sinking Fund Cold Bonds
Due May 1,1941
11.000. 1100 and 100. inter-
In New York and Cleveland.
:trst. Tha Company agrees
vrho',hav paldsucri tax.'
Ischanga
Dated May 1,1921
Total authored, 30,000,000. Interest payable tflmyl and November t. Coupon bond of l
chahKeable, with provision for registration of principal. Principal and intereit payable
Redeemable a a whole, or In part for th Inkfnr fund, on any intereit date at 120 and
to refund the present Pennsylvania four-mill tax to holder resident in Penneylvan'A
Application will be mad In due couree to Hit on the New York Stoeli
- The Union Truet Company, Cleveland, Ohio, Trutee
Tta Mortgage will provide for'the Retirement of the Entire Iis-ie at 120 and Interest,
by drawing by lot $750,000 Bondt on each Interest Date, beginjhing November 1, 1921
The following information i aummarixed in a letter from Mr. Q. M. fctadelman, Vice-President
of the Company: '
Security These bonds, outstanding under a closed mortgage, will be specifically secured by firat mortgage
lien upon all the fixed assets of The Goodyear Tire fit Rubber Company, novijowned and hereafter acquired,
together with pledge of stocks of subsidiary corporations. The'mortgage Uffto provide that the company
shall always maintain net current assets as defined, equal to at least 125?gof the amount of these bonds
outstanding.
Assets The balance sheet of the Goodyear Tire fit Rubber Company as pfjupared by Messrs. Price, Water
house & Company, as at February 28th, 1921, but after giving efTect tojpresent financial readjustments,
to the losses from of ration during theperiod from October 31st, 1920 February 28th, 1921, and to ad
justments of inventories and provisions against possible losses on rawf materials under contract, show:
Net Property Account, let Depreciation
Net Tangible Assets, less all Reserves ,
NotlCurrentJAtsets
S5252,00
1J5,344,153
03,139,808
Earnings Net sales and net income of the company for the past fivefiscal years, as certified by Messrs.
Price, Waterhouse & Company have been as follows :
Fiscal Yaar'endad October 31 1 ItIO 1S1I
Net Sales, after Allowances,
Returns, etc $188,866,024 $168,258,892
Net income available for In
terest, Taxes and Inventories
. Adjustment 10,384,9O8 23,59,989
itife
$122,675,720
16,76,808
ItlT
llt
$103,588,649 $59,122,281
1S,07,76S 7,456,877
At the close of the last fiscal year, October 31, 1920, $9,970,00c)was written' off net income shown above
for the year, representing the difference between cost and markjtt value of' raw materials in inventory.
In the balance sheet referred to above a further provision is made mounting to $32 ,850,000,30 tha t crude
rubber on hand and to bo received under contracts wilUoe carried at 20 cents per pound, and
fabric at present market value.
The net income available for interest and taxes as shown aboi:, after inventory adjustments, averaged
$12,575,269 per annum for the five-year period. Annual interestfon these First Mortgage Bonds amounts
to $2,400,000.
The company estimates that net income before interest aifld taxes for the 12 months to February 28,
1922 will be approximately $10,600,000.
Management During the life 6f these bonds, control of thefmanagement of the Company, through the
right to elect a majority of the Board of Directors, will be vted in Messrs. Clarence -Dillon, of Dillon,
Read 8s Co., John Sherwin, Chairman of the Board of The Iftifon Trust Company, Cleveland, and Owen
D. Young, Vice-President of the General Electric Compandor their successors, either through Manage
ment Stock or a Voting Trust. 7
We cMet the above Bonds for delivery when, as and if issued and received by tit, subject tothe approval of legal proceedings by counsel.
Price 99 and Interest "
L
L :
Dillon, Read& Co.
Goldman, Sachb & Co. '
The National City Company (guaranty Company of New York
Lee, Higginson & Co. White, Wield & Co. Blair & Co., Inc.
Kissel, Kinnicutt & Co. Hallgtarten & Co. Lehman Bros)
Brown Brothers & Co. Qassattvife Co. Elkins, Morris & Co.
Continental and CommerciatyjTrust and Savings Bank
Halsey, Stuart & Co.,
Inc. ,
A. G. Becker & Co.
The Union Trust Company, Cleveland
The Information contained In thin advertisement hue been obtain! from sources f which vre conelder reliable. Willie not guaranteed; It l3 accepted by ua as accurate
- I
T
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiyiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiw
V
Safe
Profitable i
limeslmcnis
We are always prepared to makjb offerings of
Pennsylvania and New York municipal bonds.
Mmonil am
Broad and Sansom Sts.
Philadelphia
Pittsburgh
Baltimore
33 Pine Street
New York
Washington
Advertising, Sales
and Export Manager
With 17 years' successful
experience in Direct by Moil,
Trade Paper and General
Advertising to Dealers, re
tail salesmen and- consumers
here and abroad, wants con
nection with manufacturer
needing this kind of service.
Address A 633, LcdgeV Office.
7oreign Exchange
explained
An Interesting booklet explaining In
simple language an Important auu
Jtet. Investore and bueln.ea men
will find It of greet value.
Sent Ires upon request (or booklet
F-22
W"-H.M'Kenna&Co.
25 Wm! 43re1 Street, NEW YORK
WE SPECl
IALllZE
IN
ODD LOlis
Foreign Excfntnge
Bought andi Sold
MILTON HEfMtfCO
STOcitiroancM oemmtoma
Meet s)sa "
1G22 Chestnut Street
rbonejt Brtl. BpiMoe B041WS-S4
II Broadway A'lpNfltri Ayr., M. .
Mamroru. ixion.'rjimnsneu, umi
a:
Central Pr. & It. 6h, 1040
General Asphali 8s, 1030
General Gob &.jElec. 6s, 1029
HENRY D. VENNING & 00.
BTOCK intO'AANOB nCtUUMO
Dlreet I'riinU 'ftUvhoae to New Ysek
Members MjiT Block Kxetums
Con.avaWve Investment!
Willlamst1
MacMd
.UMO.1
BTS.
PRIVATE BANKER, who
will spend approxi
mately May Hith Jo Oc
tober ISth in California,
will be glad to represent
Eastern firms or corpora
tions wishing to close busi
ness negotiations in that
territory. Address A 03,
Ledger Office.
Merchants Union
Trust Co.
715-717-719 CHESTNUT ST..
BOND DEPARTMENT
American Railways Income 7
Scrip '
American Railways Co. Common
Stock Fractional Certificates
Ar tha request t holders' w ara pre
pared to buy and sell the above durlna
Cities Service
Company
6 Cumulative
Preferred Stock
' Dividends Payablo
Monthly.
2. Backed by large and grow
ing equities.
3. Earnings after taxes and all
prior charges several times
preferred dividend require
ments. 4. Followed by $44,626,878
Common Stock; with mar
ket value exceeding
$107,104,508.
Price to return over 8
Send for circular P
Henry L. Doherty
& Company
604 Morris Building
Philadelphia, Pa.
Telephone) Locuet 1440
Crew Levick Co.
First Mortgage Sinking
runa oy0 Bonds
frnirir aw fav
Bueloees established CD
Tears.
Net Earnings 8U Tlmei Uond
Intereit.
Price 87 H and Interest
Returning! 7.80
Edward V. Kane & Co.
Morris Building
Kctnbllahfd IS rears
NEW YORK BOND SALES
1 Summary of IndlviiJual Transactions on New York Exchange
Adams ED At,
1 .. . 68
2..... B8
Allwh Vl'y. 4e
1 89
Amn amlt'a A
Iter: Be
1 10V4
a 70 u
1 T0H
Amn T A V ell
4 70V4
3 70
S 79 H
Amn T t T til
tBALCS IN 11000)
1.
1...
1...
1...
1...
1.
82H
MM
62
hi
N3H
82
Amn TAT fir
091
00 H
00
BOW
not
00
09
00
Armour 4 Vie
Liberty Bonds'
Bought and Sold
Edward B. Smith & Co
liiiBUiuiu 1S02
Members New York and Philadelphia
Utock Bxcbanses
1411 rilKSTNHT STnEBT
PHILADELPHIA. ,
Safe Bondsjjiiivestmel
IHALSEYL STUART
& lu.jnc:
80
80
70T4
80
80
4.
8...
4 ..
1...
1...
Alctt Topeka A
8'a Fa 4s
3 70
1 .... 70
1 .... 7iJ
0 ... 70
Alch T A B Ke
ov 4s 'no
2... . 70
Atl Coast I. 4a
1 70
Atl Coast I. 7
2.... 100
Atl'o Fruit 7
l .... en
Atlantic Ref's
ct 0s
2 . . 00 A
5.. 09
nit a otiio cv
0... . 60
4 . .. now
O A Ohio BViil
1 HIS
3 81
natt A Ohio Si
1 07
Halt A Ohio fl
I bn
1 . . . . 88
U A O Tot 4s
1 03
1.. .. A4
II A O P I. E
A W Va 4r
6 04
Drll T 7 rcte
103
103
1(13
103
103
103
.... 103
4.. . 103
1 103
I 8.. 103
Ueth Steel (d
2... . 82
1 81
Ueth S Be '301
4 .... 78
2 .... 78
2 . .78
Ilkn Edl Co Be
1 .... 78
I . 78
llkn R T ct 7s
1 .. . 44
8 ,. . 14
S .. 43
Ilrkyn' It T 7
3. .44
Dueh Terl 4
1 70
Canadian K 7s
1.... 101
1.... 101
2 ... 101
2.... 101
Ctl Leather Be
1 80
Ctl Paolflo let
1 72
B .... 72
.7 72
Cerro do Paeco
Cop'r C 8e
4 . 74
Ccrro de Paecol
Cop'r C 8n
1.. . 107
1.. . 1071.4
2 . . 107
1 ... 101
9 107
C A O cv 4s
1 .... 78
C'k A O cv B
1 .. . H2
2 .... 82
3 . H2
C A Alton 3
1 o.
Chi L A Q neb
2 .
'Chi D
3 ..
9 ..
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B
4
Cl'd Cln Chi A
St I- 4
1 78
Colo A S 4s
3..... 78
1 .... 73
1 78
1 73
Cone'd Oss 7
1 ... 100
B... 100
1 ... 100
1.... 100
I...-. 100
Cuban Amer'n
Buiar 8S
1....
3 . . . .
1. ..
7..
4....
1.
100
100
100
100
100
100
Cuban C H cv
1 .
8 . .
Del A
1...
1
83
.. 83
Hud cv
.. 82
82
Del A HuiLfd
1 70
1
78
d 7
Del A Hud
1.... 100
Denmark Con
ct A 8s
2 .... 08
2 .. 08
Denmark Con
ct D 8s
1
1
4
Lack Steel '00
1.. .70
Lake Shore M
fi'n 4a '28
2... . 83
Ln A Ark'a Bs
S 00
Lou A Nash 4s
6 .. . 81
Lou A Nnah 8s
1 83
Man E 4s etu
6 64
1.,... 87
I.!... 87
7 64
Mm Pet 4r
1 87
Mex Pet wl n
1 08
2 08
Mich Ct'l il in
1 76
Mid 8 A Or Of
8 77
2 .... 77
Mil dan Co 4a
1 ... 81
Mln A 81 I, 4
4 40
Mln 8t I' A H
flts M 6s
2 87
Mo K A T 4
1 68
0..... 68
Uo Paclfln le
08
08
08
H8U
08
98
98
Den A R O 4s
0. ... 84
Det Edl 6s '40
8 .... 80
Det O R 4s
1... . 60
Do Canada 29
1
1
6
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1
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02
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Canada'81
. . 30
00
Monl'a Pwr Bs
S 88
Nat' I R R Co
Mexico 4s
3 30
New Or Tex A
Mexico 6a
1 88
N T CtU'l 3s
8 07
1 07
6 .... 07
KTCTi rcte
100
Duq Llaiit 0a
1 .
6 ..
S...
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3 .
1
88
88 ,1
88
88
88
82
88
Erie Oenl Lien
1 .. 40
1 . 40
Erie II R cv A
II .90
Krle R R ov I)
1 . . 30
Erie Rx Co 4s
1. . 62
Oene'l Eleo (
2 8o'
Oove t F R 8e
8 .... 08
2 . .. 08
2 . 08
8.... 08
1 98
1 .... 08
1 .... 08
2 .... 08
1 08
8 08
1 .... 08
1 . 08
( Swlt'd rcte
1 . . 103
(Id Trunk rcte
A . . 101
8 ... 101
8 .. 101
1.1. . 101
1 . . 101
O Nth niy 1st
1 . 79
O Day A Wn 11
1 7
1 7
Hock's V 4s
2 71
Hud A Man fd
2...
1...
1...
20 ..
1.
08
08
B
66
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Hud A Man In
1..
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13
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30
80
30
30
36
30
III Central fd
4 .. 74
5 74
Ills Cntl 3s
6 88
III Cen'l 48 '61
3 - 83
Intboro R T fd
88
Q 4e
00
00
bfl
HO
00
3 90
13 . 00
CM A Eetn III
UB Mtr ct Be
1 . 87'
Chlcaio Mil V
St P'l d 4s
1 60
Chlcaso Mil AJ
StP 4s '23
3 72
Chlcaso Mil A
StPov 4a
6 .... 03
1 63H
Chlcaso Mil Aj
StP cm 4a
1 78
Chlcaso Mil A
St P'l ov Bs
1
.... 03
Chloaso A Nth
Wes'n Bs
1 .... 08
0 98
4 U8
Chicago A NIQ
West'n 7s
4.... 100
Chi nallwys St
1 00
6 oa
Chloaro R Il'd
ft Pao fd
2 .
6..
3..
3
Chlcaso Union
Sta ct 0a
1 ..103
Chile Cop'r Os
60
00
06
06
73
73
73
73
70
Chile Cop'r 7a
8 04
1 .... 04
Oblneae Qvt Oe
1 40
8 40
3 .... 40
1 0
Cltr of Hera-en
8s rots
1 . . . . 00
City Heme 5 el
1 .... 07
1 .. UT
Cty Chrla'a 8a
00
00
00
ml
00
J...
1 ..
1...
1 ..
1...
City Lyon. 6
1 (sale) 70
City Mara' a Oe
1 ... 78S
OHTk 4'00
10 . 80
C N Tk 4'0d
16 .... 93v
City Parls-fla
07
8TH
07
97
97
97
97
97
97
12 .
1
4 ..
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8
1 ..
25 . .
1 ..
12 ..
1 . .
1 .
80
-s
1 ..
1...
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3 . .
4 ..
87
67
67
87
67
57
87
67
67
67
67
68
S7
63
B3
63
63
63
Sclota Val'y A
N E 1st
1. . 78
Deab'd A L al
1 01
Seab'd A I. (Is
8 .... 47
Sinclair C Oil
Corp'n 7s
01
01
91?,
02
112
02
02
112
02
02
02
02
I . 92
8o'n Pacific M
1 .... 78
6 ... 76
5 . 78
S'lt, Pac cv 4a
1 . 78
t . . 78
1 .... 78
1 .. 08
flouth'n Pac 0s
8'n Hallw'e 4a
2
8
4.
6
0
8
t
67
67
87
87
87
87
100
100
100 i,
100
IN Y Cant' I il
Cent'l 8
4... . 2
ttJew T N H A
II ov Se
2... . as
New Y N II A
II 3a '00
2 .... as
New Y N 11 A
Hart'd 0s
1 . . . B0
0 . .. 00
New York u A
West'n 4s
1 .. . B04
N Yk Rwya 4e
1 . 20
N Y Rlya ct 4
. . 20
N Y Tele 4s
2.. 81
N Yk Tele Oe
1. 02
Nth Weat'n B
Tele'n 7 s
14.
2
2.
1
2
I.
1
1.
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1
2..
09
09
09
90
90
90
09
99
00
110
09
N'n Pacldo 3s
2 06
Wn Pacldo 41
6
1.
B.
3
2..
73
78
76
78
78
Nth H Pwr 0s
77
77
Oresn 8 I. 4a
4 83
Orcxon 8 I. Bs
1.. M
pur-W'n R Co
Navl Co 4a
I . . 69
Pao O A K 6s
"1 . . 77
Pa R R 4s '62
4 09
Pa R gm 4s
6 . 70
Penna R R Bs
1... . 84
8 84
Penna K R 0s
6 . . 07
Pa R Il'd 0S
OSS
8..
2 .
1. .
1..
1 .
2..
6 .
13
1 .
4 .
118
98
06
96
96
98
96
96
113
96
(13
05
67
57
07
67 i
87
67
67
67
2 .... 87
I M Marine Ca
1 .... 81
4. ... 81
Int Met ot 4
1 .... 10
1 10
16 10
1 10
Jsp aova't lei
2 . . . . 83
1 83
1 .... 83
8 82
Jap Oovo't 2a
3 83
1 .... 82
1 . 82
Jap Qove't 4n
87 "i Penna II R 7.
00
00
00
00
00
00
rJ0
07
101
101';
101',,
101
Pere Marnt In
1... . 04
Pere Marqt 6e
1 79
Phil County cv
1 03
1 .... 98
2 03
Pitt Cln Chi A
StL a 4a
2 80
Pitts Cln U A
St L a 6a
1 82
4 82
0 82
Reading- R- 4s
1 77
1 77
1 78
1 77
Rep Chile rcta
Kan C Ft S A
Memp 4a
1 .. . 03
Kan O A 8 8s
1 . ,60
Kan C A 8 Be
1 (sale) 74
1 74
1 . .. 74
K HelgTn 7e
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90
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12.
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Rich A Dan 3s
1 88
Rio Q A W 4s
2 03 W
Rock I'd A A
Loul'a 4a
1 03
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B'n Rly 4a
1 00
1 07
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1.
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8
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l.., 07
la 97
1..... 97
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3..
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98
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K of Italy 0
I 88
Kingdom Nor.
way ct 8a
100
100
100
100
100
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Kins Bwd'n Be
83
I WU. OS
Laok UUI 31
8... . 94
It... 94
47
47
48
00
01
00
00
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60
73
73
72
72
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Series O
6 8J
8 .... 88
5.. .. 8811
8t I. Bow'n en
10 . 02
8t 1. Bw'n let
1 . . 60
St U Bow'n 6s
a .... as
1 .... 08
T ... 68V
St P'l filoux
Cltr 7s
1 0441
Sao Paulo ot
Uraill ot 8.
S'n nallw'n 61
I . .. 83
Sland'd Oil of
Calf ret
4 ... 102
1 ... 102
6 . . 102
4 . . 102
TMrd a'vo nj
1 . . 81
Tidewater Oil
Co ct 0a
3 ... 06
2 .. 95
Union Pac cv
2 . 84
1 83
Union Pifc fd
1 . 75
6 . 76
Union Pac 4s
2 70
1 80
1 8(t
1.. .. 70
Union Pac Oe
1 90
Union Tank C
Comp y 7s
2 . . 100
1 . . 100
1.... 100
4 . . 100
OKofO llrll
A I'd 1021
13 09
10 00
2 .. 1(0
8 (sale) 011
32 . .00
1 . . 09
20 119
S . .09
2 .. 99
U It of a Urtt
A I'd 1022
1... 05
1 .... 95
1 96
U K of a Urlt
A I'd 1920
2 89
6 80
u it of o lint
A I'd 1087
U B nubb'r Bs
6 78
1... 78".
1 . . 78
1 .. . 78
2 . . 78
1 78
U H Rubber 7s
1 . . . . 99
1 98
8 ..99
U B Rub 7s
100
1
1
1.
1.
1
2
1
1
IJ'il
12
2
4
1
1
V C
6
88
83
88
85
85
85
85
.. 100
.. 100
.. 100
. . 100
.. 1)
. . 100
100
Hfl 8
. 9.1
or.
or.',
. . 9.1
08 4
Chem let
. 92
Va C CI 7
6 (sale) 91
Va Rallw'a Sa
I 1 H
I 2 '. . 81
1 . 81 A
2 81
Wee'n Eleo Be
8 . 98
West'n Md 4s
1 ...
E
100
;'.
ioo
lOOtl
GOVERNMENT BONDS
111. I Auk
. 911 1(10
. 99
. 90
. 77
. 70
82 80
82 80
8'.' 811
. . 100
99 100
104 1(M
101 101
94 ..
1930 ...
198(1
1938
2n 938.
1901
3a 1001
Panama coupon 2a
Panama registered
Panama coupon 2e
Panama coupon 3s
Panama regletered
l.hlllnnlnn 4fl 1034
MilllPPlne 4e. 103J
Philippine 4e 1930
U B Govt coupon 2s 1930
II H Govt rcststered 2. 1910
II H Oovt. coupon 4a 1025
II H Govt, regletered 4s 1M28
Diet of Columbia 3.05a 1021
BAR SILVER
liar stiver was 'frd higher in txindun to
day at 34 d. f
r
Ul'd Rya Inv't
Comp'y Sa
8...,. 07
Ut'd R'ds San
F eqot 4s
2 80S.
Ut'd R'da San
F unct 4s
2 .... 80"
1 31
U B Mexico 4a
2 30
8 85
3.. .35
U H Mexico Bs
1 . . 40
2. .. 46
W A
6
2
3
3
2
2.
4
4
1
83
Mfg 7s
99
. 99
. 99
. 90
. 9-.
. 99
. 99
90S
99
W 1 1 eon Co cv
. 83
C let
. 87
. 88
. 87
. 88
87
Win Central 4s
1 08
1 .,
Wilson
l .,
2
3.. .
Liberty JUg ..
Liberty I'd 4s .
Liberty Int 4'4
Liberty 2d 48
Liberty .Id 4',s
Liberty 4th 4i,4s
Vie Notes Hh .
Vic Notes 4!Uh .
High
.. MUM)
. 87.54
. 87.38
. 87.58
. HO. 50
. 8r.04
. 1)7.50
. 1)7.52
1.0W
811.44
87.54
87.31
87.34
1)0.24
87.40
1)7.50
97.48
U 15
a m.
SD.5.S
87.54
87.31
87.53
!H).50
87.C.1
1)7.50
07.4S
DULL WEEK IN YARN TRADE
Further Curtailment of Production
by Spinners Textiles Spotty
Dealers in ynrsw soy thry have expe.
rienred another dull week, both in vol
ume of orders nnd inquiries, nceordinp;
to the review of trade for the I'hila
delphin district by IL O. Dun A Co
The Inst week's business was duller
thnn the previous week. Prices remain
virtually unchnnxed compared with
those of n week ngo. Curtailment of
tiroduction by the spinners is becoming
more general. Prices are, therefore,
steadier. It Is believed In Nome quar
ters that the minimum price In yeun.
hns been reached.
business is very spotty nmong the
textile manufacturers. Some report
they are operating to full capacity and
others that they have barely sufficient
oi tiers to keep "their mills from closing
down entirely.
Che review, continuing, goes on to
soy :
"Manufacturers of shirtwaists re
port the trade hns shown a marked in
crease in the last thirty days. Many
of the smaller manufacturers say their
orders far exceed their output. Prices
are quite staple and there is u .good
demand for the better grade of merchttn.
dise.
"Cloak and suit manufacturers re
port a slight falling off in their bust
lies since the Easter trade There is
not much demand, and buyers are not
disposed to place any advanced orders.
Collections in the line are a little slow.
"Manufacturers of shirts state busi
ness hns been increasing steadily for the
last sixty days. Many of the smaller
plants report having orders In excesf
of their output. While the business in
generul appears to be of the nand-tn-mouth
part, prospects appear encour
aging for future business. Prices are
more staple and collections somewhat
improved
"Manufacturers of men's and boys'
clothing report the volume of business
good since early spring. While orders
are smaller, there appears to be a good
advanced business and prospects are
encouraging.
"Manufacturers of dresses are in re
ceipt of a nice volume of business. The
orders are somewhat smaller thun in
other jears. Sales have increased steud
lly since the early spring, and pros
pects are encouraging for the summer
business. Prices have stiffened and
collections are somowhat easier
"Wholesalers and jobbers of woolens,
piece goods, etc., say there are great
improvements over the business since
trio early part or tne year, there ap
pearing to b a steady demand for mer
chandise, especially in the woolen line
ItcportH frotn different representatives
throughout the local territory are very
optimistic. All look forward to a
good and steady business during the
season
"The Iron ami steel market has been
somewhat btimulated during the Inst
week by price reductions, but is still
quiet Plants are operating at greatly
reduced capacity from normal, ranging
from 35 to 5Q per cent.
"The automobilo industry shows some
improvement and an increase in de
mand Is noted.
"Structural teel is quiet and actual
business is dull, but inquiries ate some
what more numerous.
"Manufacturers of inotjve power re
port fair orders, but shipyards are not
very active. Prices are deemed sub
ject to change Collections are fair.
"There Is little chango in tho hard
ware line A fnir demr.nd for all grades
of material Is reported, but the volume
of business is less than thnt for the
same period for 1020. Prices remain
high and collections good.
"Tho electrical trade reports a good
volume of business, particular!) in
household specialties and labor saving
devices. Jobbers and retailers are well
employed and manufacturers somewhat
more busy. Prices are reasonably
steady and collections show an Im
provement "On staple goods the Move trade is
quiet, but a fair demand Is reported In
supplemental heating apparatus, and
Jobbers and retailers note an Increase
In demand Foundries are operating
at about 80 per cent capacity. Prices
are linn and collections fnlr '
NBW YORK COFFEE MARKET
. NewYoiU. April 22. Uusiness in
the roffee market this morning was very
quiet, with the bulfc of what business
was doing eonnned to exchanges of
May and duly to the later months May
was exchanged to September tit 81
points, to December at 132 points and
to July at 43 and 14 points. Julj was
switched to September ut 10 points uinl
to December at 88 points
.. Vast clnae
? 6 08 ft 09
ill . 0 124M3
September. 0.524JB3
..br 7.00901
Mid,
Open
5 04 OII6
'0 07
II 4OU50
0,97
Prices Firm on Paris Dnui-.
ItSS&'tiRi1 "T-r "era nrm on the
a?.?r wy' Thr per cent rentei, SB?
" J?"nns 2" lnndon, BSf 80e. ' fry.
v w-, ll IUM1
Kxamptfrom all
FtxUral Incomn Tax
Miami Conservancy
District, Ohio
5J.X Bonds
Dust 1922 to 1046
100 and interest
This District takes in part of n(no
counties and includes, among
others, the cities of bay ton, Ham
ilton, Middletown, PIqua and
Troy.
Circular upon isqatst
Harris, Forbes & Co
Plnei Stroot, Oarner William
NEW YORK
PHILADELPHIA OFFICE
Wldener fJIdg.
American Stores
Common Stock
t present price this issue
,icts the investor about 7'i
per cent. Increasing busi
ness and enlarged facilities
-Iiould improve its market
position.
Ask for our special letter
RitiWmm&co.
Sltmbere I'hlla Slock Rachanse
1418 3. Penn Square)
suiti; 300
pni'CE 0707 rtAcn 337
I'rivata Wires to New York
a
flNANCIAf,
OTIS & CO.-
Stocks Bonds
Acceptances
Foreign Exchange
Member of New York,
Cleveland, Boston, Chi
cago and Detroit Stock
Exchanges, the New York
Cotton Exchange, and the
Chicago Board of Trade.
Private wire 'connections
with principal markets of
the United States and
Canada.
216 Superior Ave., N. E.
CLEVELAND
New York Boston Detroit
Cincinnati Columbus Toledo
Akron Youngstown Dayton
Denver Colorado Springs
I To Holder, ot Certificates of Deposit leeoe
' by C1UAIIANTY TIltrflT COMPANT Oa
NIC1V VOIIK, na Deooaltarr. for CHV
TARO & KABTKHN ILLINOIS BAI1
' ItOAD COMPANY (inxnUAI, CONBOIJ-'
I DATKD AND FIIIBT MOnTflAOE FIVJS ""
I'KIl CKNT. IIONDH, due 1937. deposited. -
tinder nondholdrr'a Protective AsT6t,3.
went, dated Auruet 3, 1918. between.
"Metwltore" "' such bonds us deflo
therein nnd the underslsned Committee.
Notice la hereby Riven that, under and pur-'fj'
suant to aald nareement. the Commute hae) W
formulated. In c-o-operatlon with others. a,j,
P'nn and agreement dated March 81 193I,V
tinder which Meiers Kuhn, Loeb Co. ar(
to act aa Iteoriranlzatlon Manaters foH'l
the reoiganleatlon or adjustment of tbi';
fflalra of the Chlcaso L Eastern llllnolst,,,
Hallrond Company, that a copy thereof haat!''
been riled with eald Depoaltary at Its offlesjr
Nc. Ho Uroadwuy, New York City! that)'!
the dato of tha firet publication hereof S'
April 6. 1931: that, pursuant to said aa-re!l
, '.""'.'r "'eu August a lino, every "ueposi.
! tor under eald agreement, aa defined there-,.
i in. win to conclusively deemed to have aa-1
I eented to said plan and agreement and tof
be bound thereby, unleaa be ahall. within I,
forty day ni ter the date .of the flrat publU '
, ."V..n hereof, n'e with aald Depositary av '
1 n.r'.t,en "once of dleeent from aald ptanV
and agreement, withdraw from said acTS.
i ment dated Auguet 3, 1918, and make payi
' Ef.T.' ."" therein provided, and also repsr
, 27J'" .lnt-T"t sny advances made to him
pr said Depositary or ta'd Committee: ana
I that the Committee has ned one per centit
I of the prlnclpnl amount of bonds deposited"
Dy each Depoeltor who so withdraws frornf
said Agreement as the amount which haj..,
jBti.t pay toward the expenses of tha Corn , .
mlttee. .
Copies of eald plan and agreement may.'
, he obtained from raid Depositary or the
J Secretary of the Committee. r
, Dated, New Tork. April 6. 1911. ,
IIKNRI KVANH. Chairman
J. IIOWAKI) llOOAltDUS -IIKItllKIlT
II. DKAN
8AMUKI. V. STIW.IT
FKANK B. WEEKS
Commlttes
I SIMPSON, THACHER t UARTI.ETT.
Counsel.
A. V HALSTEAD, Secretary.
02 Cf-Jor Street. New York City. I
GUARANTY TRUST COMPANY OP
NEW YORK. Depoeltary.
r
$50,000
u
City of Bethlehem
Water Works
4h Bonds
Tax Free in Penna.
Free of nil Federal
Income Taxes
S8.000, due 1925
23.000, due 1926
19,000, due 1927
Price to Yield 5
Elkins, Morris & Co.
Land Title Bldg., Philn.
MemhnrM
New Tor & I'hlla .totk Exchange
VAI.DOF.TA I.IOHTI.VO COMTANY
nnsT MoiiTtJAfn: 8 pun ckn?
SINKIX; PINII OO I.I) IIONDH,
' I)PK I02.
Pursuant to terms of Mortgage, dated
June let. 1913, 14800 of "aid bonds, nutn
bered aa below -hae been drawn for redemp
tion b Sinking F"und at 108 and accrued
Interest, aa of Juno 1st, 10JI. when all
Interest theroon will cease, vis .
For JSOO No 79
For IlfXM) Noe 291 488. 4d 829.
AIkc bonds with nil unmatured coupon
attached, should be presented for payment
at otllce of Trustee on or after June 1, 1921.
OIHAHI) TRUST COMPANY, Trustee
aEOHOE II STUART 3d. Treasurer.
Philadelphia Pa April Id. 1921
.'
FAlItllll.I, STATE RANK
Notice Is hereby given that hy a resolu
tion of the Hoard of Dlrectora of the FAIR.
1TTT.T. STATIC I1AVK n .neelal m..Knr nr K.
elorkholdera of said bank has been called I
land will be held on Tuesday, June Is, 1B2J,
i at 2 o'clock P M. at the general office of
the bank, 201 Fuller Illdg lu South 18th
street. Philadelphia Pennsylvania, to take
'action on the npproval or disapproval of and
to tue for or against the proposed Increase.
of the capital stock of the said bank from)
1 150 1)00 hn J20O.O00. and for the transaction l.
, of anv other business properly coming before V
eald meeting '
1 A V. SKIL.TON. Secretary.
TAYLOR RORBY A HOAR, Sollcltora.
i PrpnosoU
bEALEI) I'ROrObALH WILL HE OPKNKS
by the Sunt of Lighthouses Philadelphia
pa P.M.. May 17. 1021. for anthracite I
in a.etone and (lscal year 1922. Informs.!
lion on application.
Annual Election.
GRAIN
PROVISIONS COTTON i
Our Daily Letter Sent on Request
Hughes & Dier
) Chicago Ilnnrd of Trade
N. Y. Produce Ktcbanre ,
Philadelphia Stock Exchange '
Pittsburgh Stork Exchange
1435 Walnut Street
Bpruce M3 Ua,. 1(03 ;
Philadelphia
THE LIIIRAHY COMPANY OF
x.. , '"'lUKU'lILV
Th" Annual l-lectlon of Dlrcctorfl ' ind ?
ai-iinu.s -.-- ( win miiy or irt it
delphla will be held at the Library on Ms
iliu, the second dur of .May. rft" it
Mon-
uiu, f """", "" ' .'lay, irfgt, at S
n'.lniL In the iifl.pnnmi .ut.n , m w
w ..w.n .... ...... ..uu.., 1.,,,, .na iresurer
will altenn to rw( the annual paymenia
As there, are .everal shares on which flnea
ar due. tho owners of them or their ran.
resentatlvee ar hereto- notified that their
will be forfeited agreeably to tho Charter
Laws of the Companv unless the arrears
are paid off tho Seronu day of May or wltbZ
In ten days thereafter nti-
J RODMAN PAUL. Secretarr.
1
it
Annual Meetln ga
r"
TOT) OAB S 4
lnivw
PARTNER DESIRED
An experienced man owns patent. rm.r
Ing the only solution to date nf i ,ik
nesa In h certain line of nflon Am
haMng the device, manufjictuifil for
me hns been on tha market u er sol. I
wnll and ;len satisfaction Il.i,. nut
sufllclent rupltal to get the msnt out of
It A silent partner who will tiname in
it m1.'ate ,in-Mnt Is desired llnth
man and proposition are open to search
inu ln,allKiitlon. Onl iiriuiipaie no
agent.
A 830. LEDGER OFFICE
OII-ICE IK THE UNITKT) OaT'.
V. IV. Center llnuiil ,.n.l L V '.
Philadelphia April 14. lnM
The Annual Meeting of the Stockholders
The United daa ImproNement Companr will
be held ot the office of the Company NT W !
t'orner of Droad nnd Arch Streets piiiil '
delphia. Monday, May J, 1031. at la o'ellirJ l
noon. hen an election will be. held for 2
President and six 0) Directors to serve fa.
the ensuing year and such other bu.lnli
Kin be tranbigltd as may ba brought bfJ
the meeting. wr)
The aiock transfer borks will be rlnuj
irom S P M Wedne-day April So losi
until 10 A ' M. Tuesday, May 3 1021
. . Oi.WCl'imAN S.oretar.
Central Market St. Ilwy. 5s, 1922
cciurai it. cc ut. bs, lyifi
Amcr. Lt. & Trac. 6s, 1925
Morton Lachenbruch&Co.
43 1IUOAI) ST., N. Y,
I'hlla. Telephone Walnut 8197 Rare S060
Private Wires to New York, Chlc.m
Ht. Louis. Pittsburgh Detroit. ClevilSSd"
Qrand Rapids -"'"no.
NEWBUR6ER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
1410 Chestnut St.
C. S. PATTON & CO. I
IDti HF.STNTJT KTS.
BANKERS '
. Hiiffesenrs tn
t, J5A,,',KLt . HTIIVKNSON
Ilonds and Slocka bought nnd sold
on roinnils.lon I
Member. I'hlla. Btoelt I-.,hn..
BANK OF NORTH AMERICA
Philadelphia
The Oldest Bank in
the United States
Chartered by Congress 1781
National Bank 1864
tP Ol'FltK 01' T1IK WILLIAil CRAMS'
tt3J 4 bONH SHIP AND KNOINK
, lll'U.DINO CH.MPANY
tllrhiiioiid and Nnrrls Htreei.
I Philadelphia. April IfJ ?.
The Annual Meeting of the Ptnckhold.r '
. r Th" rai,m Srnmp Bona Bhlo VI
I nglne llul'dlng Company will ,e held at
the ofT.e of (he Cutciany Richmond an!
Noma streets. In, the City of PhlladalDhla
on Thitrailajr. April 2H. life!, t' i? i'SSti
noon, foi the purpose of electing Dlrectore
u sere for the ensuing year and transact.
Ir.g such other bimlness aa may be iirouabt .
before th- meeting m frougnf ,
CHARLES T TATLOn Becr.tary.-.
'U4 T".,; "l,ST ANXl'41' MKICTINIMI
tt uu: !'1'ri:nticich' i.iiiittRvi
COMPANY will be held t the Llhfarv
Ilrnad atrret ut.oke Spring Qanlen on T.lll '
il. April W. nl H '. M., ror ,h, SlertlSrt
i nfilt .r. fui t mtng i.ai and other
business o( ihe i'..ihi.hiiv
IWNMAMIN ( ADIILRT I
Hecretary.
Kltllleo.K
111!. UKAL i:sr.TK TIlt'hT OSlT'ASf
or iiiii.Aitr.i.i'iiLv "",AIV
llrouil nnd ( hrslnut htrrrts
April 21 isji.
lie Mir.l i.f Due. tors has thta Jay
dei.ared a diiihjil of three (S) per pent os
the Prefern hi.kk uf this Company nav.
abb- on Mil) il, I irj . to st.kholdera ot
r. .i.nl m Hie .lone of Imslnesa April 21
mai i'hili will be mslied '
Trnnarr honks will be i lused from Anrlt
22d 10 AHM1 .Kill, Inclusive m p,U
KDWAltD S 1IUCKI.KY JR ,
I . Treneurer
TIIF. CK.NTKAI. NTION, rank on-
Philadelphia April 21 uji,
Ihe i.Hi ..n bine mis dv dwlarsi a,
il . ierU l i e.l nf fl Hr frill, free of la.
naable prll .10 I9SI lo s ockho'dVr. f
r....r,l April .'.. 1UJI ihe. ks will Im. rnalleSI
A. 1) MWIFT, T
- f'ashl.r.
WIEGNER;ROCKy&co.
Certified Public Accountants
I IMItTNKIlftmi'H
'r-y'N0TirK ,S IIKIIKIIY fllVIW THAT
' u the partnership herelofore esistin kZ
1 business heretofore .nn,i,..,L. "Cf'ir Tl
partnership will be carrl.d on hi
Tellla at 41 N 13th at ni,ll.'..-
whnm all aprniinlsi a... w U '
hill l palfl and by whom all aSStr
fcV undwUkeiL' "' "'" "m p,irur
UrA-Taw-.
M
N
m